Bahraini fintech Bidayatech has unveiled the first reward-based crowdfunding platform for the MENA (Middle East and North Africa) region to help tech startups overcome the funding gap.
Bidayatech will enable startups to build and launch a fundraising campaign to pitch their product or service to the crowd through an allocated campaign page on the platform.
Backers receive non-monetary (none-equity) benefits in exchange for backing a startup fundraising campaign. Under this initiative, tech startups can have access to broad campaign types for fundraising instead of being restricted to one type.
Bidayatech encompasses key advantages for tech startups on its platform which includes the opportunity to test market channels which significantly expands the campaign’s reach, promote their product or service to a vast audience which will eventually boost pre-money valuation. Also, attract backers and technology enthusiasts while expanding their followers and prospective customers.
Additionally, as part of the campaign process, the platform’s rewards tier system allows startups to pre-sell their products or services at a discount to their campaign supporters. This speeds up market validation by reaching their target audience, while anticipating their specific questions and making compelling requests.
“We are creating a platform that is totally inclusive by expanding the access to funding for all tech startups, and spur financial inclusion of more startups and their founders to pursue their dreams while adding value to their communities and the economy to reach new horizons. Our ultimate goal is to democratize fundraising, fast-track tech startup growth and create jobs while supporting technology advancement and digital transformation. Especially, amidst unprecedented times with the current climate restricting movements and interactions. BIDAYATECH platform is an additional option for founders to receive funding by a novel alternative, embedding continuity and sustainability while reinforce their confidence and determination during their entrepreneurial journey”
In addition to the campaign owners network circles, the campaign will run for 60 days incorporating social media, digital tools and emails to optimize reach and induce interest to contribute to the campaign with the goal of achieving the campaign funding objective.
Unlike traditional fundraising methods, startups campaigning on Bidayatech platform will not lose equity or control or even get into a loan and its obligations. Instead, they will only risk the loss of time and effort if the campaign goal was not reached. Plus, they can always capitalize on the knowledge gained to fine-tune and start a new fundraising campaign anytime, a statement from the fintech said.